Prime Minister Theresa May spoke about free trade, creating an economy for everyone and the global challenges of terrorism and migration.
5 September 2016 - Good evening everybody. This has been my first G20 Summit. And the first summit of the world’s leading economies since the United Kingdom decided to leave the European Union.
It has been an opportunity to showcase Britain as a bold, outward-looking nation.
We are the fifth largest economy in the world – the second fastest growing major economy in the world last year.
We are ranked in the top 6 countries in the world as a place to do business. We have record employment. And the deficit has been cut by almost two-thirds since its peak in 2010.
So we can be confident about the fundamental strengths of the UK economy and optimistic about the role we will forge for the UK – building on our strength as a great trading nation – in the future.
And here in Hangzhou, I have had the chance to talk to other leaders about the role that the United Kingdom will play to advance free trade, to make sure the world’s economies work for everyone, and to confront the global challenges of terrorism and migration.
Let me say a few words on each.
First, free trade.
Britain has a proud history as a trading nation and we have long been one of the strongest advocates of free trade.
A rules-based, open and inclusive global trading system can act as a catalyst for sustainable economic growth and the right trade agreements can be the greatest anti-poverty policy of our time.
That’s why at this summit we have agreed to oppose a retreat to protectionism.
As G20 countries, we have extended the rollback of protectionist measures until at least the end of 2018.
We have committed to ratify by the end of this year the WTO agreement to reduce the costs and burdens of moving goods across borders.
And we have agreed to do more to encourage firms of all sizes, in particular SMEs and female-led firms, to take full advantage of global supply chains.
And as the UK leaves the EU, I have set out our ambition to become the global leader in free trade.
In my bilateral meetings, I have signalled our determination to secure trade deals with countries from around the world.
The leaders from India, Mexico, South Korea and Singapore said that they would welcome talks on removing the barriers to trade between our countries. And the Australian trade minister will visit the UK this week to take part in exploratory discussions on the shape of a UK-Australia trade deal.
And later this week, I will chair a meeting of the Cabinet Committee on Brexit and International Trade to discuss how the government should pursue an ambitious trade strategy and to work out which markets we should prioritise.
Economy for everyone
As we do more to advance free trade around the world, so we must do more to ensure that working people really benefit from the opportunities created by free trade.
This discussion goes to the heart of how we build an economy that works for everyone.
It is not enough just to take a hands-off approach. We need bold action at home and collective action abroad.
In Britain, we are developing a proper industrial strategy so more people can share in our national prosperity through higher real wages and greater opportunities for young people.
We are investing in infrastructure to ensure our regions are better equipped to seize the benefits of trade.
And, to restore greater fairness, we will bring forward a consultation this autumn on measures to tackle corporate irresponsibility – cracking down on excessive corporate pay and poor corporate governance, and giving employees and customers representation on company boards.
Here at the G20, we have decided to do more to stop aggressive tax avoidance and to fight corruption.
We have also agreed to work together to address the causes of excess production, including in the steel market. And we will establish a new forum to discuss issues such as subsidies that contribute to market distortions.
It is vital that we deliver action in all these areas if we are to retain support for free trade and the open economies which are the bedrock of global growth.
Finally, we have discussed some of the greatest threats we face to both our prosperity and our security.
We reaffirmed our solidarity and our resolve in the fight against terrorism.
We welcomed the progress that has been made to cut off terrorist financing and discussed the need for proper enforcement of the UN sanctions regime to prevent funding for any terrorist organisation.
As we make progress in the fight against Daesh, it is also vital that we do more together to manage the threat of foreign fighters dispersing from Syria, Iraq and Libya.
And almost 1 year on from the Russian Metrojet disaster, we must do more to improve standards on aviation security. And the UK has put forward a UN Security Council Resolution on this issue which we hope will be adopted later this month.
The migration crisis will also be on the agenda at the UN and here today we discussed the need for a concerted global response.
We agreed that more must be done to address the root causes of mass migration and to provide humanitarian assistance for refugees and the host communities which shelter them.
I look forward to taking forward discussions on a new approach at the meetings in New York and under the German Presidency of the G20 next year.
To conclude, this has been a successful summit.
It has demonstrated the important and leading role that the UK continues to play in the world, whether it is increasing the prosperity of our citizens or tackling the issues that threaten our security.
This is my first visit to China and I would like to thank the Chinese government and the people of Hangzhou for welcoming us here and for hosting a magnificent summit in this city.
I look forward to my talks with President Xi shortly. It will be an opportunity to discuss how we can take forward the golden era of relations between our 2 countries and build a strong economic and global partnership that works in the interests of both our countries.
Source: Gov.uk (Contains public sector information licensed under the Open Government Licence v3.0.)